Shares in Aston Martin Lagonda Global Holdings PLC (LSE:AML) hit top gear after Jefferies upgraded the stock and nearly doubled its price target.
The broker thinks the luxury car maker has finally broken "a cycle of discounted rights issues and is firmly in M&A territory."
It reckons the valuation implied by Geely paying 335p per share "is quite generous for a company with much to prove operationally and a long succession of wealthy shareholders."
"However, the deal also provides support and possibly a floor for future transactions, be it another capital raise, a higher stake, or a full takeover," it thinks.
Jefferies moved the stock to 'hold' from 'underperform' and upped its price target to 300p from 160p.
Shares in the company motored 4.6% higher to 291.80p.